7 Strategic Ways To Grow Your Business

Scaling your small business requires a lot of effort; it takes a lot of sweat, hard work, and sleepless nights. 

As an entrepreneur, having your own small business can mean trying to increase your profit margin by creating multiple income streams. 

Here are 7 strategies you can use to grow your small business: 

  1. Increase Leads - To grow your business, you need to increase the number of qualified leads. If 10 out of 20 of your prospective clients end up using your services, you can increase that number of people by 50% by doubling the amount of leads coming in.

    Try various forms of marketing: social media is a great way to start reaching the customers in your target audience.
  2. Identify Your Challenges - Identify the key areas in your sales process and find small ways to improve in each area. Achieving slight improvement in each of your key areas can result in enormous improvement overall. It is not always necessary to try and achieve large scale growth. Sometimes, the most effective way to grow is a little at a time.

    Problem-solving ability is a key determining factor of how much you can accomplish. It can be hard, but it is vital to developing your business.
  3. Identify Your Ideal Client - You may have already tested out different product and service offerings, but have you identified your ideal client? Knowing and curating your low maintenance, high-value clients can give you a better idea on which target audience will generate your desired level of profit.

    Rapid growth is achieved by doing one thing exceptionally well for a small, select (and loyal) client base. It can be intimidating at first, but don’t be scared, be specific. Saying no to clients who are a poor fit will reduce stress and free up resources, enabling you to target the right prospects.
  4. Monitor Your Cash Flow - Eliminate all unnecessary expenses and make sure you are spending money on items that bring value to your business. Paying for affordable business insurance every month is important to protect your assets rather than having to pay out large sums of money when things go wrong.

    Additionally, try to make your invoicing and payment process as efficient as possible so that you're able to create a cash flow reserve for any unexpected expenses that may come your way.
  5. Research Your Competition - Conduct as much research as you can; it’s the best way to provide competitive intelligence.

    This lets you analyse your competitors’ strategies so that you can emulate what works and improve on what doesn’t. If it is working for your competitors, it could work for you.

    Once again, make social media your friend! Visit your competitor's pages, see what their followers are saying about their products or services, and learn from their reviews.
  6. Encourage Customer Loyalty - It costs more money to get new customers than it does to sell something to an existing customer.

    Remember we mentioned loyal customers back in point #3 – “ideal clients”?

    Loyalty programs are great ways to increase sales and help you retain customers. It could even help you attract new ones as well because word of mouth is a great marketing tool. Creating a clear incentive for customers to spend more money with you will pay off in the long run.
  7. Look for Trends and New Opportunities - Analyse new opportunities in your business, or the trends in your industry. Understand every sector of your business from distribution channels, your direct competitors, and even an analysis of foreign markets or other potential industries.

Don’t be in a rush to grow your small business too big too quickly. Take your time and analyse the market, assess the situation your small business finds itself in and take measured decisions. Don’t be afraid to consult entrepreneurial peers and ultimately, follow your instincts: they’ve gotten you this far.

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